1 EXHIBIT 11 DELTA AIR LINES STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS FOR THE THREE MONTHS ENDED DECEMBER 31, 1997 AND 1996 (In Millions, except per share data) 1997 1996 ------- ------- BASIC: Net income $ 190 $ 125 Preferred stock dividends (3) (2) ------- ------- Income available to common shareholders $ 187 $ 123 ======= ======= Weighted average shares outstanding 74.2 73.9 ======= ======= Basic income per common share $ 2.52 $ 1.66 ======= ======= DILUTED: Net income $ 190 $ 125 Adjustment to net income assuming conversion of Series B ESOP convertible preferred stock (1) (1) ------- ------- Income available to common shareholders $ 189 $ 124 Weighted average shares outstanding 74.2 73.9 Additional shares assuming: Conversion of Series B ESOP convertible preferred stock 2.1 1.9 Exercise of stock options 2.3 0.3 ------- ------- Average shares outstanding as adjusted 78.6 76.1 ======= ======= Diluted income per common share $ 2.40 $ 1.63 ======= ======= 2 DELTA AIR LINES STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS FOR THE SIX MONTHS ENDED DECEMBER 31, 1997 AND 1996 (In Millions, except per share data) 1997 1996 ------- ------- BASIC: Net income $ 443 $ 363 Preferred stock dividends (5) (4) ------- ------- Income available to common shareholders $ 438 $ 359 ======= ======= Weighted average shares outstanding 74.0 75.1 ======= ======= Basic income per common share $ 5.92 $ 4.77 ======= ======= DILUTED: Net income $ 443 $ 363 Adjustment to net income assuming conversion of Series B ESOP convertible preferred stock (2) (2) ------- ------- Income available to common shareholders $ 441 $ 361 ======= ======= Weighted average shares outstanding 74.0 75.1 Additional shares assuming: Conversion of Series C convertible preferred stock -- 0.5 Conversion of Series B ESOP convertible preferred stock 2.1 1.9 Exercise of stock options 1.7 0.2 ------- ------- Average shares outstanding as adjusted 77.8 77.7 ======= ======= Diluted income per common share $ 5.67 $ 4.64 ======= =======